Espirito Santo Financial makes controlled management request

By Caroline Salls

Pittsburgh, July 24 – Espirito Santo Financial Group SA made a request to the Luxembourg courts for controlled management after concluding that it is unable to meet its commercial paper program obligations and obligations associated with its stand-alone debt, according to a company news release.

The company said controlled management is available when there is a prospect for a company’s business to be restructured and when the procedure would facilitate an orderly realization of the assets in the best interests of all creditors.

Espirito Santo said any enforcement proceedings or acts, including those initiated by “privileged creditors,” will be stayed from the day of the appointment of the investigating judge until the final decision on the application.

As previously reported, Espirito Santo Financial Group subsidiaries Espirito Santo International SA and Rioforte SA also made controlled management requests to the Luxembourg courts.

Espirito Santo is a Lisbon, Portugal-based financial services company.

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